(Alliance News) - Marula Mining PLC on Monday reported a widened loss in 2022 as its expenses increased, but also celebrated "exciting" initial assay results at the Blesberg Lithium and Tantalum Mine in South Africa.
Marula Mining is an Africa-focused mining and development company. Shares in the firm were flat at 11.75 pence on Monday morning in London.
The company reported a pretax loss of GBP597,222 in 2022, widened from GBP287,782 in 2021.
This came as Marula's administrative expenses more than doubled to GBP595,858 from GBP287,792 the year prior. The firm also booked depreciation costs of GBP1,364 compared to none in 2021.
Chief Executive Jason Brewer said: "Marula has experienced significant development during 2022. In particular, Blesberg continued to prove its worth with initial exciting assay results indicating high-grade lithium spodumene, which is why during the period the Board approved the acceleration of the program to fast-track the treatment and production of high-grade lithium product from the existing historic stockpiles."
Marula reported on Monday that independent sampling and assaying of processed spodumene material at the Blesberg Lithium and Tantalum Mine in South Africa had been completed. The results confirmed a high-grade spodumene product with a grade of 6.50% lithium oxide.
As a result, Marula is now able to proceed with its planned sales of product, and is currently negotiating new and longer-term contacts given the higher grade and higher value spodumene product.
An update on these new sales arrangements is expected in the coming weeks, it added.
The company did not recommend a dividend.
By Heather Rydings, Alliance News senior economics reporter
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